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venchlu
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Joined: 18 Aug 2009
Location: United States
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Posts: 587

Posted: 05 Oct 2009 at 10:14 \| IP Logged

wow..so many people from India. I am from Taiwan live in USA for a short time...it is really not easy to master the USA tax. Anyway, best for the exam. I have not scheduled my exam yet . Maybe in the Novenber.

LWC.Ryan
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Joined: 11 Jun 2009
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Posts: 4

Posted: 05 Oct 2009 at 17:13 \| IP Logged

The IRS states that a sole proprietorship can only deduct on schedule A and not schedule C.

It's a very controversial tax issue because a lot of individuals prefer deducting on schedule C for the greater tax advantage.

Here's a link for more information

http://www.thefreelibrary.com/The+deduction+of+state+income+ taxes+for+Schedule+C+taxpayers-a020031480

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